Tag: Life Insurance

IRDAI imposes ₹1 cr penalty on Canara HSBC Life for mis-selling policy to 88-year-old

September 11, 2026 admin

The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹1 crore penalty on Canara HSBC Life Insurance Company for mis-selling a life insurance policy to an 88-year-old man. The case pertains to a deferred annuity policy, with an annual premium of ₹2 lakh and a four-year premium-paying term, that was sold by…

Business

IRDAI bars life insurers Pramerica, Edelweiss from opening new branches for 6 months

August 21, 2026 admin

Insurance regulator IRDAI has directed Edelweiss Life Insurance and Pramerica Life Insurance, in separate orders on August 20, not to open new place of business for six months for non-compliance with Expenses of Management (EoM) limits in 2024-25. “The [two life] insurers were warned for their failure to remain within the prescribed EoM limits and…

Business

How India’s life insurance sector funds government expenditure

July 7, 2026 admin

When the government borrows, the question that follows is rarely asked aloud: who lends? A large part of the answer is the life insurance sector. Every year, millions of households across India pay premiums into life insurance policies. That money is reinvested, for decades, in the very securities that finance government expenditure — roads, railways,…

Business

Life insurers’ new premium slump second month in a row, down 22% in December to ₹30,218.71 crore

January 11, 2025 admin

New business of LIC for December was down more than 41% at ₹13,523.87 crore (₹22,981.28 crore), while for the nine months it was 7.16% higher at ₹1,57,955.95 crore (₹1,47,405.59 crore). File | Photo Credit: Reuters New business of life insurers declined almost 22% year on year in December to ₹30,218.71 crore on the back of tight…

Business